The Hollywood star was thought to be a contender for the Best Actor Academy Award for his strong performance in All Is Lost, and many critics were surprised when he was left off the list of nominees this week.

But the 77-year-old has said he isn't too worried about missing out on a chance at the gong, according to The Hollywood Reporter.

Speaking at a press conference to launch his Sundance Film Festival, Redford said: "I don't want that to get in the way of why we're here. Let me just speak frankly about how I feel about it."

He explained that he did the film to get back to his acting roots, but suggested that some things are out of the actor's control.

He also implied that some of the blame might lie with the film's distributor, Roadside Attractions, which is partially owned by Lionsgate.

"Hollywood is what it is, it's a business and so when these films go to be voted on, usually they're heavily dependent on campaigns," he said.

"In our case I think we suffered from little to no distribution. And so as a result, our distributors - I don't know why - they didn't want to spend the money, they were afraid, they were just incapable, I don't know."

"I'm not disturbed by it, I'm not upset by it because, like I said, it's a business," he added.